Definition: The term "mortgage 35 of net income" is used in accounting to identify which section(s) of a company's net income must be reported under tax reporting requirements. The mortgage 35 of net income refers to the portion of a company's taxable income that represents its interest payments on long-term mortgage loans. In accounting, this mortgage 35 is typically associated with an entity that has incurred or acquired debt instruments (such as mortgages) and has provided repayment obligations for those debts over a period of time. These obligations are generally recorded as assets in the balance sheet. To determine which section(s) of net income must be reported under tax reporting requirements, the accountant would first review the specific terms of each loan and the applicable tax laws. If the loan is a mortgage, it may be necessary to consider whether the interest payments are included within either of two different sections: "Interest Income" (if the payments are for principal or any other debt) or "Interest Expense" (if they represent only the interest on the debt). In general, if the interest payment is considered an income, and all other debts are not reported, then the mortgage 35 section must be included in net income. If the interest payment represents only part of the total payment, it might fall under the "Interest Expense" category. It's important to note that this term may vary depending on your specific tax jurisdiction or the regulations applicable in your country of residence. Always consult with a tax professional for accurate and up-to-date information regarding tax reporting requirements and financial accounting practices.
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